Europe E-Commerce Automotive Aftermarket To Witness An Appreciable CAGR Of 14 Per Cent Over 2020-2026
Since the advent of the fourth industrial revolution, technology has been responsible for playing a major role in the transformation of the automotive aftermarket. A remarkable proportion of the automotive industry customers have started opting for online shopping on their mobile phones. The automotive aftermarket has been conventionally driven by the essential upkeep and maintenance of a vehicle. However, the situation is changing in the light of surging consumer inclination towards vehicle personalization.
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Customers are increasing looking for accessories that offer better customization options for their vehicles. Moreover, the easy availability of affordable accessories and higher disposable incomes have been instrumental in creating high demand for products in the e-commerce automotive aftermarket. Myriad customization options pertaining to steering wheels, seating, Bluetooth connectivity, graphics, speakers and others also influence industry expansion. In addition, instant access to buying products and changing customer habits are other drivers propelling automotive aftermarket demand in the near future.
According to Global Market Insights, Inc., e-commerce automotive aftermarket is projected to exceed USD 135 billion by 2026.
Sources cite that Big Data and advanced algorithms allow automotive aftermarket companies to collect and process large amounts of data. This in turn helps e-commerce platforms place exclusive advertisements catering to the multifarious customer requirements. Highly efficient automotive e-commerce solutions provided by major players such as AutoZone and Amazon are likely to impel Market business through 2026.
In the recent decades, auto parts manufacturers have started opting for online portals to increase their profit margins. The associated commercialization of delivery services will boost B to big B e-commerce automotive aftermarket in the years to come. The B to big B segment is expected to depict a CAGR of nearly 15 per cent during the estimated timeframe. This segment distribution chiefly comprises fast moving and standardized automotive components.
Braking components are also estimated to depict a CAGR of around 14.5 per cent over the forecast period. The presence of several large-scale brake component manufacturers, including Akebono, Brembo, Bosch, and others, will augment industry expansion. Small scale brake component manufacturers have also started listing their products on e-commerce websites to support domestic and international consumers, further propelling business outlook.
In addition, the presence of supporting e-commerce infrastructure in various European countries will add to the growth of the e-commerce automotive aftermarket in the region. Further, shifting consumer preferences towards online purchase of automotive parts will bolster industry outlook. The Market in Europe is slated to witness an appreciable CAGR of around 14 per cent.
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In essence, a persistent upsurge in the average lifetime of household passenger wheels in the U.S. over the past three decades depicts the demand for various e-commerce automotive aftermarket products. The increasing average of passenger and commercial vehicles, especially in developed countries, has caused an unprecedented rise in the demand for repair and maintenance parts, impelling e-commerce automotive industry expansion in the coming years.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & working
1.2.1 North America
1.3 Forecast calculations
1.3.1 COVID-19 impact calculations on industry forecast
1.4 Data Sources
184.108.40.206 Paid Sources
220.127.116.11 Public Sources
Chapter 2 Executive Summary
2.1 Market industry 3600 synopsis, 2016 - 2026
2.1.1 Business trends
2.1.2 E-commerce retail trends
2.1.3 Product trends
2.1.4 Consumer trends
2.1.5 Regional trends
Chapter 3 Market Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2026
3.2.1 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.3 Online platforms
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